A significant development has taken place in the world of cryptocurrency as Mirae Asset Securities, one of the leading financial powerhouses in Korea, has recently teamed up with the popular blockchain network Polygon. This intriguing collaboration has sparked great curiosity among investors and cryptocurrency enthusiasts about its potential impact on the price of Polygon’s native cryptocurrency, MATIC.
The announcement came on September 7, 2023, when Mirae Asset Securities, with its massive asset management portfolio valued at over $500 billion, revealed their integration with the Polygon network. The primary objectives of this partnership, as stated by the asset manager, are to drive the adoption of Web3 technologies and contribute to the development of a tokenized securities community.
Polygon Labs as the Technical Consultant
As part of this collaboration, Polygon Labs, a leading global blockchain technology development company specializing in Web3 innovation, will assume the role of the chief technical consultant in the Token Working Group of Mirae Asset Securities. The asset manager has expressed its commitment to working effectively with Polygon Labs to establish a robust infrastructure for the issuance, exchange, and distribution of token-based securities.
In the words of Ahn In-sung, the Head of the digital assets division at Mirae Asset Securities, “Through technical collaboration with Polygon Labs, Mirae Asset Securities aims to establish global leadership in the field of tokenized securities.” This statement showcases the ambition and determination of Mirae Asset Securities to take a prominent position in the evolving landscape of tokenization.
The collaboration between Polygon Labs and Mirae Asset Securities extends beyond the two entities. Other financial companies, including Linger Studio and Coin Plug, Hana Financial, and SK Telecom’s security token consortium, Next Finance Initiative (NFI), are actively participating in this collaboration. Such widespread involvement of renowned financial organizations further adds credibility and potential to the partnership.
It is worth noting that prominent finance names such as Franklin Templeton and Hamilton Lane, with their substantial assets valued at over $823.9 billion, are already leveraging the capabilities of Polygon for their tokenization projects. The presence of these influential players in the finance industry strengthens the case for Polygon’s relevance and attractiveness.
The recent announcement of Polygon 2.0, featuring Zero Knowledge L2 chains, three Governance pillars, and an enhanced Polygon Business Model, has created ripples of excitement in the cryptocurrency market. This significant upgrade is expected to entice more investors like Mirae Asset Securities to rely on Polygon for various purposes, further solidifying its position as a leading blockchain network.
In terms of MATIC’s price action, there has been a subtle positive movement following the partnership announcement. From September 1-3, MATIC was trading in the $0.54 range but has now risen to $0.56 as of September 7. This upward trend indicates that the collaboration may be contributing to the recent gains and could potentially signal an uptrend for MATIC in the near future.
Technical analysis also provides some insights into the possible price trajectory of MATIC. The daily chart shows six consecutive green candles, suggesting a strong defense at current levels by buyers. Additionally, the cryptocurrency has found significant support at $0.55, and its next move is likely to test the resistance level at $0.57. If the buying momentum persists, MATIC could break above this resistance level and enter into a more pronounced uptrend.
The Relative Strength Index (RSI) indicator currently stands at 41.57, indicating a neutral sentiment among investors. On the other hand, the Moving Average Convergence/Divergence (MACD) is displaying a buy signal confirmed by the presence of green histogram bars. These technical indicators, combined with the positive investor sentiment and valuable partnerships, suggest that MATIC is poised for positive price action in the coming days.
The partnership between Mirae Asset Securities and Polygon Labs is a significant development in the cryptocurrency landscape. This collaboration not only highlights the growing interest in Web3 technologies but also has the potential to impact the price of Polygon’s native cryptocurrency, MATIC. The inclusion of major financial companies and the recent Polygon 2.0 upgrade further solidify the attractiveness of the partnership. With favorable investor sentiment and technical indicators suggesting a potential uptrend, MATIC’s price action is definitely one to watch closely in the coming days.